European Shares Decline As Germany's Merz Fails To Be Elected Chancellor

(RTTNews) - European stocks were broadly lower on Tuesday as investors assessed the latest batch of earnings and awaited upcoming Fed and BoE meetings.

The euro was marginally higher against the dollar as trade negotiations returned to the spotlight.

Elsewhere, Germany's conservative leader has unexpectedly fallen short of the numbers needed to form a majority in parliament to become chancellor.

In economic releases, France's industrial production growth eased more than expected in March, figures from the statistical office INSEE showed.

Industrial output grew only 0.2 percent in March from February, when production expanded 1.0 percent. Production was expected to climb 0.4 percent.

The pan European STOXX 600 was down half a percent at 534.64, snapping a 10-day rally.

The German DAX fell 1.1 percent and France's CAC 40 shed 0.6 percent.

The U.K.'s FTSE 100 was little changed as trading resumed after a bank holiday on Monday.

SGL Carbon tumbled 3.5 percent. The German carbon and graphite product maker has decided to close its production site in Lavradio, Portugal, as part of the restructuring of its loss-making Carbon Fibers business unit.

Biotech firm Evotec SE plunged more than 5 percent after widening its net loss in Q1. Car parts maker Continental added 1.3 percent after more than doubling earnings in the first quarter in part from cost-cutting efforts.

Fashion retailer HUGO BOSS AG surged 5.3 percent as first-quarter revenue beat estimates.

Danish wind turbine maker Vestas Wind Systems jumped 3.5 percent after it reported an unexpected operating profit for the first quarter.

British drug major AstraZeneca gained about 1 percent on receiving EU approval for Calquence (acalabrutinib) in combination with bendamustine and rituximab.

Anglo American tumbled 3 percent after Peabody notified the company that the issues involving the Moranbah North Mine constituted a Material Adverse Change as per the deal terms.

Dutch healthcare technology firm Philips lost 2 percent. The company slashed its profit margin forecast for 2025, citing the impact from tariffs.